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Sunday, February 28, 2016

CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Resource Square Five, a five-story,
152,452-square-foot, Class A office building in Charlotte, North Carolina’s
University submarket.

HFF represented a fund
managed by DRA Advisors, LLC in the sale of the property to Dilweg Companies.

Resource Square Five is
located at 10715 David Taylor Drive on 12.2 acres within the five-building
Resource Square office park. This
location is convenient to the Interstate 85 corridor, a stretch of the
Interstate that spans from Richmond, Virginia to Atlanta, Georgia, as well as
Interstate 77 and Interstate 485, which is Charlotte’s outer loop.

Ryan Clutter

The property is also less
than one mile from the ongoing Blue Line extension, an extension of the
existing Blue Line rail service that serves downtown and south Charlotte.

Completed in 2000,
Resource Square Five is the newest building in the office park and is 92.4
percent leased, primarily to the IRS.
The property features an exercise facility with showers and locker rooms
and on-site parking for 677 vehicles.

The HFF investment sales
team representing the seller was led by senior managing director Ryan Clutter.

“Resource Square Five is a
high-quality asset located in the thriving University Area submarket of
Charlotte, which now has its lowest office vacancy rate in over 15 years,” said
Clutter.

“With the market really
tightening up and rents growing in the area, investors were attracted to the
potential to achieve compelling investment returns with the asset.”

“Institutional capital
continues to find Charlotte and the Carolinas an attractive market to invest
their capital, and we believe this trend will continue throughout 2016,” added
Clutter.